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Lucid CEO Peter Rawlinson explains his compensation plan

Credit: Lucid Motors/Twitter

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Lucid CEO Peter Rawlinson explained his compensation plan during the luxury electric car maker’s Q4 2023 earnings call. Rawlinson’s comments came amidst criticisms that his compensation plan is notably large, even if Lucid is still yet to make a breakthrough in its vehicle production and sales. For context, Lucid posted revenue of $157.2 million and a net loss of $653.8 million in Q4 2023

Previous reports have noted that the Lucid CEO is very well paid compared to other chief executives in the auto sector. As noted in a Benzinga report, Rawlinson’s compensation in 2022 reached $379 million, which is quite interesting considering GM CEO Mary Barra had a total compensation of $34 million in 2022, and Ford CEO Jim Farley had a total compensation of $18 million during the same year. 

And in a recent 8-K filing, Lucid’s Board members noted that they approved a $6 million cash bonus to the CEO. The Board noted that the bonus was to recognize Rawlinson’s contributions to the unveiling of the Lucid Gravity, the luxury EV maker’s upcoming SUV. Thus, it was no surprise that during the Q4 2023 earnings call, Rawlinson was asked if he was willing to take a pay cut to reduce the company’s losses — or at least if there are plans to buy back shares to improve the health of Lucid stock. 

Lucid CEO Peter Rawlinson’s response to the question was as follows. 

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“Many may not be aware of my founding role in this company as we know it today. I joined the company around 11 years ago, with a clear goal of making the very best electric vehicle and to drive a revolution towards sustainable transportation, which is going to benefit everyone in the planet…

“So in 2021, I received a onetime CEO stock grant, and this was solely determined and approved by the Board of Directors. And a significant portion of that vested due to the company achieving certain market capitalization milestones as we publicly disclosed in 2023. So I think there’s a huge misperception that this onetime grant was received as a salary and somehow we replicate it as my salary in the future.

“In fact, in 2023, at my request, I did not receive a bonus for 2022, nor did I receive any further equity grants in ’22 or ’23. And I just want to assure you, my mission and my dedication is still unwavering. I have not sold a single share of stock in all this time, over 10 years, except what was absolutely necessary for tax purposes. And the company stock I received from the grant remains in the form of company stock. And so I am also directly tied, personally tied, directly and hugely to the company’s performance as a key shareholder.

“And so I’m incentivized that way. My promise is to continue to work tirelessly, day and night, to drive brand awareness, to deliver more cars, to sign up more technology licensing and access agreements, to drive down costs and to bring the Gravity and midsized platform to market. We have an incredible team. We’re driving forward, and I’m incredibly excited about our products and moreover, our future,” Rawlinson said

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Lucid interim CFO Gagan Dhingra also addressed the second part of the question. 

“Regarding the second part of the question, we are investing in our future, but we are a growth company. We are also a technology company. and I believe our investments into areas such as our research and development is an advantage and give us the opportunity for higher returns than any other automotive company because we are monetizing the intellectual property through agreements such as the one with Aston Martin. 

“When we feel we can’t increase value from reinvesting back into the business, we would consider returning the cash to shareholders via a repurchase program. But we don’t believe this would happen for quite some time,” the interim CFO said. 

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

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Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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Tesla just unlocked sales to 50,000+ government agencies

It marks a significant step in expanding Tesla’s presence in the public sector, where procurement processes have traditionally slowed electric vehicle adoption.

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Credit: Patrick Bean | X

Tesla just unlocked sales to over 50,000 government agencies by entering a new agreement with Sourcewell, a purchasing cooperative.

Tesla entered a new master purchasing agreement with Sourcewell, the largest government purchasing cooperative in the U.S. This will enable streamlined sales of its EVs to more than 50,000 U.S. public entities. Tesla entered Designated Contract 0813525-TES, and the agreement covers Model 3, Model Y, and Cybertruck, and potentially other vehicles the company could release.

It marks a significant step in expanding Tesla’s presence in the public sector, where procurement processes have traditionally slowed electric vehicle adoption.

The deal allows eligible agencies, including cities, school districts, state governments, and higher-education institutions, to purchase Tesla vehicles directly through Sourcewell without conducting their own lengthy competitive bidding or request-for-proposal (RFP) processes.

Pricing is pre-negotiated and capped, providing transparency and predictability. Agencies simply register for a Sourcewell account online or by phone and place orders under the existing contract. This cooperative model aggregates demand across thousands of members, reducing administrative costs and time while ensuring compliance with public procurement rules.

For Tesla, the agreement removes major barriers to government fleet sales. Public-sector procurement cycles often stretch 12 to 18 months due to bidding requirements and committee reviews.

Tesla buyers in the U.S. military can get $1,000 off Cybertruck purchases

By securing the master contract, Tesla gains immediate, simplified access to a massive customer base that previously faced friction in adopting EVs. The company highlighted in its announcement that the partnership will help these 50,000-plus agencies “save thousands of $$$ in operating costs for their vehicle fleet over time” through lower maintenance, energy efficiency, and the elimination of tailpipe emissions.

The initial four-year term runs through November 13, 2029, with options for up to three one-year extensions, offering long-term stability for both parties.

Sourcewell’s role is central to execution. As a cooperative purchasing organization, it negotiates and manages vendor contracts on behalf of its members, then makes them available nationwide. Participating entities contact Tesla’s dedicated fleet team or Sourcewell representatives to complete purchases, bypassing redundant paperwork.

This structure accelerates fleet electrification while maintaining fiscal accountability—agencies receive pre-vetted pricing and terms without reinventing the wheel for each vehicle order.

The partnership positions Tesla to capture a larger share of the public fleet market, where total cost of ownership often favors electric vehicles once procurement hurdles are removed.

For government buyers, it translates to faster deployment of sustainable fleets, reduced long-term expenses, and alignment with environmental mandates. As more agencies transition, the contract could contribute to broader EV infrastructure growth and taxpayer savings across the country.

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How much of SpaceX will Elon Musk own after IPO will surprise you

SpaceX’s IPO filing confirms Musk will maintain his voting power to make key decisions for the company.

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Rendering of Elon Musk overlooking a Starship fleet (Credit: Grok)

Elon Musk will retain dominant voting control of SpaceX after it goes public, according to the company’s IPO prospectus that was filed with the SEC. The filing reveals a dual-class equity structure giving Class B shareholders 10 votes each, concentrating power with Musk and a handful of other insiders, while Class A shares sold to public investors carry one vote.

Musk holds approximately 42% of SpaceX’s equity and controls roughly 79% of its votes through super-voting shares. He will simultaneously serve as CEO, CTO, and chairman of the nine-member board after the listing. Beyond that, the filing includes provisions that may limit shareholders’ influence over board elections and legal actions, forcing disputes into arbitration and restricting where they can be brought.

The case for Musk holding this level of control is grounded in SpaceX’s actual history. The company’s most important bets, from reusable rockets to a global satellite internet constellation, were decisions that ran against conventional aerospace thinking and would likely have faced resistance from a board accountable to investor gains. Fully reusable rockets were considered economically irrational by established industry players for years. Starlink, which now generates over $4 billion in annual operating profit, was widely dismissed as financially unviable when it was proposed. The argument for concentrated founder control seems straightforward, and the decisions that built SpaceX into what it is today required someone willing to ignore consensus and absorb years of losses.

SpaceX files confidentially for IPO that will rewrite the record books

For context, Musk’s position is significantly more dominant than Zuckerberg’s at Meta. The comparison with Tesla is also worth noting. When Tesla did its IPO in 2010, it did not issue dual-class shares. Musk has only recently pushed for enhanced voting protection, proposing at least 25% control at Tesla in 2024 after selling shares to fund his Twitter acquisition left him with around 13%.

SpaceX has clearly learned from that experience and structured the IPO differently by planning to allocate up to 30% of shares to retail investors, roughly three times the typical norm for a large offering. The roadshow is expected to begin the week of June 8, with a Nasdaq listing rumored to be a $1.75 trillion valuation and a $75 billion raise.

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Tesla bolsters App with new safety, insurance, and storage features

The Tesla Smartphone App is one of the biggest and best features and advantages owners have. Everything from moving the vehicle with Summon, to getting Navigation sent to the car, to preconditioning the cabin can be done with the Tesla App.

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Credit: Tesla

Tesla is bolstering its smartphone App with a series of new features to streamline operations for owners. The new additions include fixes to safety, its in-house insurance offering, and storage management for Dashcam clips.

The Tesla Smartphone App is one of the biggest and best features and advantages owners have. Everything from moving the vehicle with Summon, to getting Navigation sent to the car, to preconditioning the cabin can be done with the Tesla App.

But in classic Tesla fashion, the company is aiming to improve the offerings of the app, and it is doing so with a handful of new features. They were first discovered by Tesla App Updates.

Tesla Insurance – Safety Score 3.0

This is truly part of the Spring 2026 Update, but Tesla has now given more transparency on how FSD has saved people money on their premiums.

Tesla intertwines FSD with in-house Insurance for attractive incentive

Additionally, Tesla is now automatically awarding a Safety Score of 100 for every mile traveled on Full Self-Driving (Supervised).

Update Tracking

Updates traditionally appear on the App or on the Center Touchscreen in the car. There is nothing better than seeing that Green Arrow at the top of the screen, or opening your app and seeing that there is a Software Update available.

Now, there will be no need to manually check the app and initiate the download. Tesla is enabling a new feature that will automatically download updates for you.

Storage Management

Your USB drive can now be remotely formatted, and old Dashcam clips can be deleted straight from the phone. When you record a lot of things using the Dashcam feature, that storage fills up pretty quickly.

Now, manually deleting the Dashcam videos is easier than ever.

Trailer Light Test

This is perhaps the coolest and most crucial addition to the Tesla App, as those who tow and haul will now be able to trigger a diagnostic light sequence from the app while standing behind your trailer to ensure the brake lights work.

Verifying your trailer lights are connected properly and operating normally and as intended is normally a massive hassle.

Now, a new trigger will be available to initiate a diagnostic light sequence directly from your phone.

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